Life

Women have come a long way to take hold of their finances. How can the insurance industry further their progress?

By Tasha Williams, Senior Research Writer and Max Dorfman, Research Writer Women contribute more earnings to their households and feel more confident about personal finance than prior generations. However, they still face hurdles to taking charge of planning for their financial future and legacy.   Findings from a new report, Lack of Knowledge and Confidence Deter Women from Purchasing Life Insurance, produced…

Life

The Future of Social Security?

By Dr. Steven Weisbart, Chief Economist, Insurance Information Institute Beginning in 2020, the Social Security fund for retirees will be paying out more than it is taking in. This means that if there are no significant changes, in about 2034 the fund will exhaust the surplus it had built up since 1983. In that case,…

Life

Good News and Bad News about Life and Death Rates

By Steven Weisbart, Chief Economist, Insurance Information Institute The National Center for Health Statistics (NCHS) just released reports on mortality trends in the United States, and some of the news is good and some is bad. The bad news is what grabs the headlines (as the Wall Street Journal put it, “U.S. Life Expectancy Falls…

Life

Can Life Insurers Cover All COVID-19 Death Claims?

Will life  insurers be able to  pay all the death claims attributable to COVID-19 that come on top of claims for deaths not directly related to the pandemic? Triple-I chief economist Dr. Steven Weisbart says they can. How many additional death claims will COVID-19 cause? As of this writing, officially about 90,000 Americans have died…

Life

Are Life Insurers Denying Benefits for Deaths Related to COVID-19?

Social media has been abuzz with posts suggesting life insurance claims related to COVID-19 are being summarily denied. Much of the anxiety seems to stem from a news story titled: Would my life insurance policy cover COVID-19 related death?   An anchor for the news organization that aired the piece shared it on Twitter below the tweet:  Will your life insurance cover you if you die…

Life

Ask a life insurance agent

photo courtesy of Robert Stevenson   The Triple-I blog received the terrific opportunity to ask State Farm life insurance agent, Robert Stevenson, a few questions about getting the most out of the often-misunderstood financial product. What is your educational background and what was the path that led you to become a life insurance agent? Robert…

Life

Sleep and insurance

I came across this from Swiss Re around 2 a.m., which helps explain why it caught my (sleepy) eye: Consider these two facts: Firstly, two out of three man-made losses worldwide are due to human failure. Based on Swiss Re’s sigma research, this would mean that people trigger a loss volume of around USD 3 billion per…

Life

Older People Projected to Outnumber Children for First Time in U.S. History: The impact on life insurance and retirement

The Insurance Information Institute’s Chief Economist, Dr. Steven Weisbart offers his insight on the impact on life insurance and retirement of the demographic trends highlighted in a recently released Census report. The report projects that by 2030, the year when all baby boomers will be older than 65, one in every five Americans will be…

Life

NAIC’s life insurance policy locator finds $92.5 million in lost life insurance policies in its first year

The National Association of Insurance Commissioners (NAIC) announced on Monday that its Life Insurance Policy Locator has matched 8,210 beneficiaries with lost or misplaced life insurance policies or annuities – totaling $92.5 million returned to consumers – since the launch of the consumer tool last November. More than 40,000 consumers have conducted searches since the policy locator…